Spectral AI, Inc. (MDAI) Financial Statements
Industry: Surgical & Medical Instruments & Apparatus
In fiscal 2025, Spectral AI reported revenue of $19.6M, down 33.6% from $29.6M the year before. Net income was -$7.6M (a -38.5% net margin), or -$0.29 per diluted share. Gross margin was 45.4% and operating margin was -43.8%. Operating activities generated -$9.9M of cash. At fiscal year end, Spectral AI held $21.4M in total assets against $27.1M in total liabilities, including $15.4M of cash and equivalents.
Open the full interactive Spectral AI financials → Quarterly statements, key ratios, valuation history and price charts.
Spectral AI Key Stats
| Share Price | $1.56 |
|---|---|
| Market Cap | $50.0M |
| Revenue YoY Growth | -33.6% |
| 52-Week Range | $1.20 – $2.68 |
| Shares Outstanding | 32.1 million (basic, 2026 Q2) |
Spectral AI Income Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Revenue | $0 | $0 | $18.1M | $29.6M | $19.6M |
| Gross Profit | — | — | $7.9M | $13.3M | $8.9M |
| Operating Income | -$3.4M | -$1.3M | -$13.0M | -$6.6M | -$8.6M |
| Pre-Tax Income | -$3.4M | $11.7M | -$20.8M | -$15.0M | -$7.6M |
| Income Tax | -$1.3M | $614,297 | $11,000 | $271,000 | $11,000 |
| Net Income | -$2.1M | $11.0M | -$20.9M | -$15.3M | -$7.6M |
| Diluted EPS | -$0.10 | $0.35 | -$1.48 | -$0.85 | -$0.29 |
Spectral AI Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $3.8M | $4.1M | $4.0M | $3.5M |
| Net Income | -$3.6M | $1.1M | -$3.4M | -$4.2M |
| Diluted EPS | -$0.13 | $0.04 | -$0.11 | -$0.13 |
Spectral AI Balance Sheet
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash & Equivalents | $769,432 | $785,038 | $4.8M | $5.2M | $15.4M |
| Current Assets | $1.1M | $938,613 | $9.9M | $10.1M | $19.5M |
| Total Assets | $254.1M | $5.6M | $10.7M | $12.1M | $21.4M |
| Current Liabilities | $2.9M | $3.6M | $12.4M | $17.6M | $20.6M |
| Total Long-Term Debt | — | — | — | $2.8M | $9.2M |
| Total Liabilities | $21.9M | $12.9M | $12.4M | $19.3M | $27.1M |
| Shareholders' Equity | -$20.8M | -$12.1M | -$1.7M | -$7.3M | -$5.7M |
Spectral AI Cash Flow Statement
| FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|
| Cash From Operations | -$825,593 | -$1.0M | -$13.2M | -$9.2M | -$9.9M |
| Cash From Investing | -$253.0M | $251.6M | — | — | — |
| Cash From Financing | $254.6M | -$250.5M | $3.8M | $9.6M | $20.1M |
Figures from Spectral AI's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Spectral AI financials page for every line item.
Spectral AI Company Profile
| Ticker | MDAI |
|---|---|
| Exchange | Nasdaq |
| Industry | Surgical & Medical Instruments & Apparatus |
| Headquarters | Dallas, Texas |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Emerging growth company |
| SEC CIK | 0001833498 |
Frequently Asked Questions
What was Spectral AI's revenue in fiscal 2025?
Spectral AI (MDAI) reported revenue of $19.6M for fiscal 2025.
What is Spectral AI's annual revenue history?
Spectral AI's annual revenue by fiscal year: 2021: $0; 2022: $0; 2023: $18.1M; 2024: $29.6M; 2025: $19.6M.
What was Spectral AI's net income in fiscal 2025?
Spectral AI reported net income of -$7.6M for fiscal 2025.
What was Spectral AI's earnings per share (EPS) in fiscal 2025?
Spectral AI's diluted EPS was -$0.29 for fiscal 2025 (adjusted for any later stock splits).
What was Spectral AI's revenue last quarter?
In its most recent reported quarter (2026 Q2), Spectral AI reported revenue of $3.5M.
How much debt does Spectral AI have?
Spectral AI reported $9.2M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Spectral AI are outstanding?
Spectral AI reported a weighted average of 32.1 million basic shares outstanding in 2026 Q2.
What is Spectral AI's market cap?
Based on its latest closing price, Spectral AI (MDAI) has a market capitalization of about $50.0M.
When does Spectral AI's fiscal year end?
Spectral AI's fiscal year end, as registered with the SEC, is December 31.
Where is Spectral AI headquartered?
Spectral AI lists its business address in Dallas, Texas in its SEC filings.